Solana Price Prediction as $500 Million Trading Volume Comes In Amid Sam Bankman-Fried Trial – Which Way Will SOL Go?

cryptonews.com:

The price of Solana (SOL) has dropped to $23.26 today, with the altcoin falling by 1% in 24 hours as the market as a whole barely moves.

SOL's dip also comes as Sam Bankman-Fried's fraud trial begins in New York, with the conviction of the former FTX CEO potentially having implications for SOL, given that FTX currently holds a substantial sum of the cryptocurrency.

Yet SOL has done well in the past few weeks as a result of Solana's ongoing growth, with the altcoin having risen by 21% in a week and 19% in a month, as well as by over 130% since January 1.

And given that FTX's Solana-based holdings are mostly locked for the next couple of years, it's more likely that SOL will continue to rise in the next few weeks. 

SOL remains in a strong position, even with today's dip.

Its relative strength index (purple) has stopped falling after the previous week's declines and looks like it will hit 70 once again, implying that the coin could be in line for gains in the coming days.

It's a similar story with its 30-day moving average (yellow), which is moving decisively towards its 200-day (blue) and could continue until it passes the latter by some distance.

This means that SOL may rise up to $24 or $25 in the next week or so, depending on overall market sentiment.

It does at least seem that it won't be falling any further for the foreseeable future, given that it had been sold heavily since August and that its support level (green) has been rising in recent weeks.

Of course, some traders may be concerned by developments in the aforementioned trial, as well as by the fact that FTX is sitting on SOL and Solana-based holdings worth around $1.2 billion.

However, much of this Solana tokenage is either staked or locked up, so it's unlikely that FTX